Rauner Introduces Plan “Corporate Welfare”

The wealthy Winnetka businessman released his plan for “corporate welfare reform” on Wednesday.

It calls for capping a program that provides tax credits for companies to keep jobs in Illinois. Some of those credits — including one for Sears Holding Corp. — allowed companies to later lay off workers.

Rauner also says Illinois should end tax breaks for the oil industry and a sales tax exemption for newsprint and ink, among others.

Democratic Gov. Pat Quinn has proposed eliminating some of the same “loopholes,” but the Legislature hasn’t acted.

Quinn also has defended the Sears deal, saying Illinois would have seen greater job losses without it.